Toys R Us says it will close FAO Schwarz store in July

NEW YORK - Toys R Us is closing its iconic FAO Schwarz store, citing the high and rising costs of running the retail space on New York City's pricey Fifth Avenue.

The company says it will close the 45,000-square-foot store July 15 and it is looking for another location in midtown Manhattan. FAO Schwarz says it is the oldest toy store in the U.S., as it has had a location in New York City since 1870. It moved to its current Fifth Avenue location in 1986.

The location features a candy store, numerous specialty toy departments spread across three levels, and personal shoppers. It has been featured in several movies, including "Big," where Tom Hanks danced on its large floor piano.